‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

‘Godfather of Payday Lending’ Victimized Borrowers Nationwide

A 77-year-old previous landfill owner and investment banker from Pennsylvania whom developed a surefire solution to make money—by illegally charging you high interest levels on loans built to people who could minimum manage them—will probably spend the remaining of their life in jail.

Charles Hallinan, dubbed by prosecutors once the “godfather of payday lending” because their techniques to circumvent state legislation and conceal their long-running scheme paved the way in which for other people to follow along with in their footsteps, recently received a 14-year federal jail phrase for their role in gathering billions of bucks in short-term loans with rates of interest that approached 800 %. Continuar lendo ‘Godfather of Payday Lending’ Victimized Borrowers Nationwide